I wish I could understand his phrase: "I fear that this legislation has the potential to harm economic recovery efforts by deterring capital investment." Does he understand in simple terms that the tax is unfair and it's going to put many good people out of business and destroy their source of livelihood?
http://online.wsj.com/article/SB10001424052970203440104574404581166261194.html#printMode see last line on schumer and tax
Live Video of AFL-CIO convention. Talking about setting up a new economic agenda push for the country. "Putting Wall Street on a tight leash" http://www.ustream.tv/channel/afl-cio-2009-convention
http://news.xinhuanet.com/english/2009-09/17/content_12065424.htm President of the Party of European Socialists (PES) Poul Nyrup Rasmussen is also calling for a global financial transaction tax at the upcoming G20 summit in Pittsburgh as well as Germany's Social Democrats (SPD) Socialists: you keep stomping them out, but they keep coming back. I cannot see the UK, nor the US willing to go along with this.
This talk always comes up around these G20 type world summit meetings. I still don't think there's a snowball's chance in hell this thing ever happens though... What the heck is up with the afl cio? What gives them the right to put Wall Street on a tight leash? I'm so sick of these damn socialists... -Guru
Scrw the AFL-CIO, they wont be happy until every single person in america joins there unions and is a laborer. And nothing wrong with being a laborer but its not for everyone. The socialist have been pushing this tax for a decade and never get close. They just try to seize the moment. The German SD government who wants it is going to lose the election in a week or so anyways, which is good. I forgot where I saw it but the US is against any type of international tax. I saw it last week in a UN aggreement for something that the us was going to veto at the mere mention of the words internation tax and the us took it out. It seems the only reason why the Europeans , not all but more Europeans then Americans, and I mean in terms of officals, is that they are trying to level the playing field with America, in terms of financial centers. They figure if we all have the tax we will be equal, but it seems they really do no want to put the tax on their own.
I don't know if I'd go the route of seeking sympathy for the "good people" who depend on the markets for their livelihood. In the eyes of many it's not really a "legitimate" or productive occupation, and I can't say I completely disagree, at least as far as trading is concerned. (I realize such a thought is heresy around here). Better to take the approach that a trans. tax would hurt the whole country, imho. And it definitely would.
just thinking outloud, but there are SO many professions that arguably don't provide any benefit - just middlemen, paper pushers and lots of professions that are outright useless. trading and bartering have been around since the beginning of man. believe it or not, a third party willing to take on risk is NOT useless. this is politics, pure and simple.
Come on man! What risk are you taking compared to say a gambler in 'Vegas? You're basically taking a small risk/gamble on a series of trades. No different than a guy in a casino. Now, if you said that you put substantial money to support the market when it's declining, or invest heavily in new IPO's and hold those as investment positions, then, granted, I'd call that assuming risk and something likely beneficial in economic terms. But simply trading a million shares of GE/IBM back & forth all day? That's got the same economic value as a guy pulling the lever at MGM or Harra's Casino.